DAILY NEWS

Daily News – 2 Jul 2020 (Thu)

Singapore Real Estate

1.1% drop in URA’s Q2 private home price index ‘mild’, say analysts
The Urban Redevelopment Authority’s benchmark overall private home price index fell for the second consecutive quarter. It eased 1.1 per cent quarter-on-quarter (q-o-q) in Q2 2020 based on the flash estimate issued on Wednesday, after slipping 1.0 per cent in Q1 2020.
https://www.businesstimes.com.sg/real-estate/11-drop-in-uras-q2-private-home-price-index-mild-say-analysts
https://www.straitstimes.com/business/property/private-home-prices-slide-further-in-second-quarter-amid-circuit-breaker

Singapore property investment sales fall 45% in first half of 2020: Report
Singapore – Property investment sales in Singapore slumped in the first half of this year amid the coronavirus pandemic, though the market showed signs of stabilising in the second quarter, a report from Cushman & Wakefield on Thursday (July 2) showed.
https://www.straitstimes.com/business/property/singapore-property-investment-sales-fall-45-in-first-half-of-2020-report

HDB resale prices up 0.2% in Q2 amid Covid-19 outbreak: flash estimates
Housing and Development Board (HDB) resale prices increased marginally in the second quarter of 2020 amid the Covid-19 outbreak, compared with the first quarter of the year. The resale price index was 131.8, up 0.2 per cent from the previous quarter, according to HDB flash estimates released on Wednesday.
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-up-02-in-q2-amid-covid-19-outbreak-flash-estimates
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-02-flash-data

Singapore Economy

Singapore firms see more payment delays in Q2; retail and services post highest jumps
Payment delays among firms in Singapore have risen for another quarter, with retail and services posting the highest jumps out of all sectors, amid the economy’s coronavirus-induced partial lockdown. According to the Singapore Commercial Credit Bureau (SCCB)…
https://www.businesstimes.com.sg/government-economy/singapore-firms-see-more-payment-delays-in-q2-retail-and-services-post-highest-0
https://www.straitstimes.com/business/economy/spore-firms-payment-delays-rise-in-q2

Companies’ Brief

A-Reit to add Sydney logistics property to its portfolio
The Manager of Ascendas Real Estate Investment Trust (A-Reit) on Wednesday announced an agreement to buy a new logistics property in Sydney, Australia for A$23.5 million (S$21.1 million). The acquisition will be accretive to A-Reit’s distribution per unit.
https://www.businesstimes.com.sg/companies-markets/a-reit-to-add-sydney-logistics-property-to-its-portfolio-0

ESR-Reit secures two new tenants at 8 Tuas South Lane
ESR-Reit has secured two new tenants at 8 Tuas South Lane. Collectively, the new tenants have leased 284,700 square feet (sq ft) at the property, the industrial Reit’s (real estate investment trust) manager said on Tuesday.
https://www.businesstimes.com.sg/companies-markets/esr-reit-secures-two-new-tenants-at-8-tuas-south-lane-0

Analysts bullish on FCT as it ups stake in PGIM Real Estate AsiaRetail Fund
Analysts are optimistic on Frasers Centrepoint Trust (FCT), believing that the suburban retail Reit’s acquisition of an additional 12.07 per cent in PGIM Real Estate AsiaRetail Fund (ARF) will bring it closer to acquiring the assets held under the fund.
https://www.businesstimes.com.sg/companies-markets/analysts-bullish-on-fct-as-it-ups-stake-in-pgim-real-estate-asiaretail-fund
https://www.straitstimes.com/business/companies-markets/fct-to-buy-further-12-stake-in-pgims-asia-retail-fund

RHB upgrades Genting Singapore to ‘neutral’ as RWS reopens attractions
RHB has upgraded Genting Singapore to “neutral” from “take profit”, with a new target price of S$0.73 from S$0.64 previously. This comes as the integrated resort operator reopens its attractions – including the casino, Universal Studios Singapore and SEA Aquarium – with limited capacities and safe distancing measures at Resorts World Sentosa on Wednesday.
https://www.businesstimes.com.sg/companies-markets/rhb-upgrades-genting-singapore-to-neutral-as-rws-reopens-attractions

SPH Reit proposes DPU of 0.5 cents for Q3FY20
SPH Reit has proposed a distribution of 0.5 cent per unit for the third quarter of FY2020, which ended on May 31. The record date for the distribution is July 9, and the payment date, Aug 18.
https://www.businesstimes.com.sg/companies-markets/sph-reit-proposes-dpu-of-05-cents-for-q3fy20
https://www.straitstimes.com/business/companies-markets/singapore-stock-watch-sia-suntec-reit-sph-reit-uic-agv-group-stamford

Suntec Reit pumps S$40m into convention centre to weather Covid-19 storm
Suntec Real Estate Investment Trust (Suntec Reit) has bumped up its stake in Harmony Investors Group (HIG), which indirectly holds Suntec International Convention and Exhibition Centre, for a total of S$40 million.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-pumps-s40m-into-convention-centre-to-weather-covid-19-storm
https://www.straitstimes.com/business/companies-markets/suntec-reit-injects-40m-into-singapore-convention-centre-to-weather-covid

UIC chief Lim Hock San to retire on Sept 30
The chief executive officer (CEO) and president of United Industrial Corporation (UIC) will retire on Sept 30, 2020 after 28 years in both roles, the mainboard-listed property group said in a bourse filing on Wednesday.
https://www.businesstimes.com.sg/companies-markets/uic-chief-lim-hock-san-to-retire-on-sept-30
https://www.straitstimes.com/business/companies-markets/lim-hock-san-to-retire-as-uic-chief-after-28-years

Views, Reviews, Forum & Others

Undergoing successful digital transformations
Technology has changed the way we live. It has disrupted day-to-day business and, for many, transformed livelihoods. But technology has also created new opportunities for businesses and for those who are willing to adapt.
https://www.businesstimes.com.sg/opinion/undergoing-successful-digital-transformations

Weathering Covid-19 storm through trust and technology
We can be sure of one thing – there is uncertainty around what the world will be like post-Covid-19, and this is making it difficult to predict the future of the economy. Certain mega trends in the pre-Covid-19 world have accelerated during the pandemic, while others have slowed.
https://www.businesstimes.com.sg/opinion/weathering-covid-19-storm-through-trust-and-technology

PMIs point to fragile recovery for Asia’s factories
Asia’s factory managers saw glimmers of hope last month, with the region’s purchasing managers’ indexes (PMIs) turning up across the board as demand from China picked up. However, sluggish global demand and fears of a second wave of infections will tame any optimism on the outlook and keep pressure on policymakers to support their ailing economies.
https://www.straitstimes.com/business/economy/pmis-point-to-fragile-recovery-for-asias-factories

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: 2 S’poreans and a PR among 4 imported cases; 10 new infections in community
Three of the four imported Covid-19 cases yesterday were two Singaporeans and a permanent resident (PR) who had returned from Pakistan. They were among 215 new coronavirus cases announced by the Ministry of Health yesterday.
https://www.straitstimes.com/singapore/2-singaporeans-and-a-pr-among-4-imported-cases-10-new-infections-in-community

Coronavirus: Clinics see mixed numbers on 1st day of expanded test criteria
Different clinics have reported different experiences with the total number of patients who needed to be swabbed yesterday, the first day the expanded testing criteria for Covid-19 were applied. As of yesterday, all patients with acute respiratory infection (ARI) who are aged 13 or above will be tested for Covid-19, as part of Singapore’s strategy against the virus outbreak.
https://www.straitstimes.com/singapore/health/clinics-see-mixed-numbers-on-1st-day-of-expanded-test-criteria
*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation